Question
Superannuation - tax The trustees of the Allrighty Superannuation Fund have provided the following details for the income year. Comment Amount $ Inflows Employer contributions
Superannuation - tax
The trustees of the Allrighty Superannuation Fund have provided the following details for the income year.
Comment | Amount $ |
Inflows |
|
Employer contributions | 45,000 |
Spouse contributions | 3,000 |
Rollover from another fund | 20,000 |
Earnings from fixed interest securities1 | 25,000 |
Franked dividends2 | 70,000 |
Outflows |
|
Accounting fees | 1,000 |
Auditor fee | 8000 |
Bank charges | 75 |
Life insurance premiums paid | 900 |
Pensions paid | 15,000 |
1All fixed interest securities were held as segregated assets to support pension payments to members aged 60+
2Company tax at 30% has been paid
Required:
Calculate the superannuation funds net tax payable. (Show your workings; assessable income, deductions, taxable income, gross tax, net tax payable)
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